A group led by InterMedia Partners has purchased the assets of Vibe, the popular hip-hop and urban culture magazine that shut down in June amid a sharp decline in advertising revenue. Terms of the deal were not disclosed.
InterMedia, a private equity fund focused on the media industry, said it has partnered with Uptown Media Group, an InterMedia portfolio company that publishes Uptown Magazine, and Blackrock Digital, an interactive media sales and marketing firm, to buy the assets of Vibe and Vibe.com.
The companies plan to relaunch Vibe Magazine, which was founded in 1993 by legendary producer Quincy Jones, in November or December and will publish the magazine quarterly next year. The Vibe.com website will be relaunched immediately.